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ETH Fundstrat's Tom Lee: Ethereum will be a beneficiary of the artificial intelligence boom
Fundstrat's Tom Lee released his opinion on Friday, July 17, saying that Ethereum will benefit from the artificial intelligence boom. On the same day, global chip stocks plummeted, and their market value evaporated by more than US$3.3 trillion. The semiconductor industry was on the verge of a bear market.
Li founded Bitmine Immersion Technologies (NYSE: BMNR), the Ethereum financial company, and serves as the current chairman. He posted on the X platform that Ethereum is "a key downstream story in the field of artificial intelligence." Li added that artificial intelligence systems require guardrails and consumers are unlikely to trust governments, large technology companies or banks to protect them.
In his chairman's speech titled "Ethereum is the good medicine for the Valley of Fortune's Terror" released on July 16, Li talked about the two exponential downwinds facing Ethereum and mentioned that the headwinds for cryptocurrencies in 2026 are ending. He also said Bitmine is ready for the next bull cycle.
Li's bullish remarks coincided with one of the worst trading days for technology stocks this year. The Philadelphia Semiconductor Index fell 4.8% on Friday, widening the month's cumulative decline to about 20%, entering technical bear territory. Other reports show that global chip stocks have evaporated about US$3.3 trillion since June 22, and the index is currently only less than 1% above the confirmed level of a 20% drop from its June high.
Nvidia fell 3.7%, as Apple regained its position as the world's most valuable company. Arm fell 7%, while Chaowei Semiconductor (AMD) fell 7.8%. TSMC also fell 7.29%. Netflix fell more than 9% on disappointing forecasts. Japan's Nikkei 225 index fell 4.03%, while South Korea's KOSPI index fell 6.37% before the close. Traders said the plunge was due to weakening market belief in the sustainability of the AI-driven rally.
Cryptocurrencies have not been spared risk aversion. Bitcoin traded close to $63200 on Friday, down about 2%.
What exactly is Li promoting?
Li's argument about Ethereum is based on a view that is supported outside Bitmine's own marketing. BlackRock CEO Larry Funk once called Ethereum the "toll road to tokenization," and Joseph Shalom reiterated this statement in March, pointing to Ethereum's role in putting traditional assets on the chain. This week, SBI, one of Japan's largest financial groups, with 78 million customers, chose Ethereum to issue JPYSC-purportedly Japan's first trust-based yen stablecoin, built by Startale Group.
Torsten Slok of Apollo Global Management warned that if AI hyperscale companies exit prematurely, it could "push the economy into recession and push the S & P 500 into a correction." However, not everyone is pessimistic. Charlie Anderson of UBS Wealth Management predicts that the S & P 500 will reach 7900 by the end of the year and said the market has shifted from macro news to corporate fundamentals.
Bitmine's own data contradicts this statement
It is reported that Bitmine holds 5.77 million Ethereum units, accounting for approximately 4.8% of the total supply, 96% of its set target of holding 5%. But Ethereum is trading at about $1840, well below the company's average cost of about $3997 per piece, so Bitmine faces an unrealized loss of about $9 billion. BMNR's share price is near a 52-week low, and the company's market value has fallen below the value of Ethereum on its balance sheet.
The company is relying on pledges to make up for the gap. Bitmine has pledged approximately 4.92 million Ethereum units, accounting for 85% of its positions, with an annualized rate of return of 2.7%. Lee expects this to generate approximately $242 million in annual revenue, enough to cover the 9.5% dividend on the preferred stock it issued in June.
